Centrus Energy on Thursday reported a decline in revenue for both the fourth quarter of 2018 and the year in whole.
The Bethesda, Md.-based nuclear fuel provider reported revenue of about $84 million for the quarter ended Dec. 31, and $193 million for 2018, down respectively from $117 million and $218 million for the corresponding period a year ago.
But the revenue figure, as well as the year-end cash balance of $123 million – down from $209 million in 2017 — were both within the company’s financial guidance, according to its latest earnings report.
The quarterly loss attributable to shareholders was $47 million, or $5.10 per share, compared to $34 million in net income, or $3.69 per share, for the last quarter of 2017. The loss for the year was just under $112 million, or $12.23 per share, compared to net income of $5.3 million or $0.58 per share in 2017.
“Declining prices in the enrichment market were the biggest driver in our losses for the year, but the market has finally begun to turn around and we made a number of important strides that will improve the fundamentals of our business moving forward,” said Centrus President and CEO Daniel Poneman in a news release.
“While prices have been rising since August, our supply costs starting in 2019 will be much lower, which will improve our results this year,” Poneman added.
The company expects to return to profitability in 2020. A 10-K annual report will be filed with the U.S. Securities and Exchange Commission on Monday.
in January, the Department of Energy’s Nuclear Energy Oak Ridge Site Office in Tennessee said it would issue Centrus a three-year contract worth up to $115 million to construct a new series of its AC-100M centrifuges at the Portsmouth Site in Ohio. Sen. John Barrasso (R-Wyo.) has asked the agency to provide details on why this contract would be issued without a competitive solicitation.
